Cross-border money transfers are undergoing a digital transformation, and one of the key players leading the charge is TransferGo, a UK-based remittance company. The firm has announced plans to adopt Ripple’s On-Demand Liquidity (ODL) solution—powered by the XRP cryptocurrency—to significantly improve the speed and cost-efficiency of international payments.
This strategic shift marks a major evolution in TransferGo’s long-standing relationship with Ripple, which began in 2018. By integrating ODL, TransferGo aims to offer near-instant transfers at a fraction of traditional banking costs, reshaping how individuals send money across borders.
From RippleNet to ODL: A Strategic Upgrade
TransferGo has been using RippleNet—the company’s global payments network—for several years to streamline cross-border transactions. However, the company is now taking a bold step forward by transitioning to Ripple’s ODL solution.
“With RippleNet, we saw a scalable opportunity to integrate with multiple partners through a single connection,” said Daumantas Dvilinskas, co-founder and CEO of TransferGo. “Before that, every bank integration was custom-built, consuming significant technical resources and time.”
RippleNet eliminated the need for individual integrations by offering a unified network. But ODL takes this further by leveraging XRP as a bridge currency to settle payments in real time—removing the need for pre-funded nostro accounts and reducing liquidity costs.
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Why ODL? Speed, Cost, and Scalability
The core advantage of ODL lies in its ability to facilitate instant settlements. Traditional cross-border payments often take days due to intermediary banks and currency conversion delays. Even with RippleNet, some friction remains.
ODL solves this by using XRP to instantly source liquidity on-demand. When a user sends money from Europe to India, for example, the sender’s funds are converted into XRP at the origin, transferred across the Ripple network in seconds, and then converted into Indian rupees at the destination.
This process slashes settlement times from days to seconds—and cuts transaction costs by up to 90%.
“We’re helping people save up to 90% on traditional cross-border fees,” Dvilinskas emphasized. “By reducing our own operational costs through ODL, we can pass those savings directly to our customers.”
India: A Key Market for Growth
India is the world’s largest recipient of remittances, with over $100 billion in inflows annually. TransferGo’s expansion into this market—enabled by its partnership with Ripple—positions it as a competitive alternative to traditional banks and legacy fintech platforms.
Originally launched to serve Indian migrant workers in Europe, TransferGo now allows senders across Europe to transfer funds directly into recipients’ Indian bank accounts. This capability, powered by Ripple’s infrastructure, has helped the company grow its annual transaction volume into the millions of pounds.
“Ripple gives us a competitive edge in India,” Dvilinskas said. “It’s not just about speed—it’s about building trust with users who rely on fast, affordable, and transparent transfers.”
Ripple’s Growing Ecosystem
Ripple has been steadily expanding its footprint in the global payments industry. Earlier this month, the company announced it has surpassed 300 customers using its suite of solutions. More than 20 of them—including MoneyGram, Viamericas, FlashFX, GoLance, and Interbank Peru—are actively using ODL for cross-border settlements.
This growing adoption signals a broader shift in the financial sector: institutions are increasingly recognizing the value of blockchain-based liquidity solutions. Unlike traditional systems that require pre-funded accounts in multiple currencies, ODL enables real-time liquidity conversion—freeing up capital and reducing operational complexity.
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TransferGo’s Regulatory Standing and Global Reach
Founded in 2012, TransferGo is authorized and regulated by the UK’s Financial Conduct Authority (FCA), ensuring compliance with stringent financial standards. The company currently supports 22 currencies across 47 countries, making it a key player in the European remittance market.
Its regulatory credibility, combined with cutting-edge technology, allows TransferGo to balance innovation with security—a crucial factor for users sending money to family members or managing international business payments.
Core Keywords and SEO Integration
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- Ripple ODL
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Frequently Asked Questions (FAQ)
Q: What is Ripple’s On-Demand Liquidity (ODL)?
A: ODL is a blockchain-based solution that uses XRP as a bridge currency to enable instant, low-cost cross-border payments. It eliminates the need for pre-funded accounts by sourcing liquidity on demand.
Q: How does TransferGo use XRP in its payments?
A: TransferGo uses XRP through Ripple’s ODL platform to convert funds instantly at the time of transfer. The cryptocurrency acts as an intermediary—converting fiat to XRP and back—enabling faster settlement without holding currency balances overseas.
Q: Is TransferGo regulated?
A: Yes. TransferGo is licensed and regulated by the UK Financial Conduct Authority (FCA), ensuring compliance with anti-money laundering (AML) and consumer protection standards.
Q: How much cheaper are transfers with ODL compared to traditional banks?
A: According to TransferGo, customers can save up to 90% on fees compared to traditional cross-border payment methods, thanks to reduced operational and liquidity costs.
Q: Can individuals use TransferGo for personal remittances?
A: Absolutely. TransferGo primarily serves individuals sending money to family abroad, especially from Europe to countries like India, Nigeria, and Brazil.
Q: What other companies use Ripple’s ODL?
A: Major adopters include MoneyGram, FlashFX, Viamericas, GoLance, and Interbank Peru. Over 20 financial institutions currently use ODL for real-time settlements.
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The Future of Global Remittances
The move by TransferGo to adopt ODL reflects a broader trend: financial institutions are embracing blockchain technology not as a speculative asset play, but as a practical solution to real-world inefficiencies.
As user expectations rise—demanding faster, cheaper, and more transparent transfers—legacy systems are struggling to keep pace. Solutions like Ripple’s ODL offer a scalable alternative that benefits both providers and end-users.
With continued innovation and regulatory clarity, blockchain-powered remittances could soon become the global standard—making slow and expensive international transfers a thing of the past.